out of the 6 million users, I think so far, should we think that most of them are active users? And with the campaigns in place, are you expecting to gradually increase your user-base?

out of the 6 million users i think so far should we think that most of them are active users and with the campaigns in place are you expecting to gradually increase your user base


and that kind of marketing will be quite feasible and I talked about this when I explained to you about integrated marketing solution in the previous presentation. Now what are shoppers buying?

and that kind of marketing will be quite feasible and i talked about this when i explained to you about integrated marketing solution in the previous presentation now what are shoppers buying


the capacity of the existing tank houses that we have with our improvement program, so that's an important part of this. As I said just before the discussion, the tank houses is something that we try to have full all the time.

the capacity of the existing tank houses that we have with our improvement program so that's an important part of this as i said just before in the discussion the tank houses is something that we try to have full all the time


actually put that into refined product service when we bring 2 and 2x on. So as time goes on and when we finally openly bring 2x on, we have a multitude of options. But what we've built is an incredible enterprise

actually put that into refined product service when we bring 2 and 2x on so as time goes on and when we finally ultimately bring 2x on we have a multitude of options but what we've built is an incredible enterprise


We were able to improve this ratio significantly due not only to higher profits for the period attributable to the owners of the parent but also to a recovery in market conditions, including stock prices and foreign exchange.

we were able to improve this ratio significantly due not only to higher profits for the period attributable to the owners of the parent but also to a recovery in market conditions including stock prices and foreign exchange


The press release and the information on this call speak only as of today's date, and the company disclaims any duty to update the information provided therein and herein. I will now turn the call over to Gregg Mollins, President and CEO of Reliance.

the press release and the information on this call speak only as of today's date and the company disclaims any duty to update the information provided therein and herein i will now turn the call over to greg mullins president and ceo of reliance


content, whether that be hundreds of thousands of books or millions of articles. And the growth of our content library is the fundamental strategy that we have in that business. Then what you need to do with that content library, as you build it,

content whether that be hundreds of thousands of books or millions of articles and the growth of our content library is the fundamental strategy that we have in that business then what you need to do with that content library as you build it


So to recap, a strong progress seen from Orkla Investments, both from the fully consolidated businesses as well as joint ventures and associates.

so to recap a strong progress seen from oceania investments both from the fully consolidated businesses as well as joint ventures and associates


What is the advertiser or agency response to this process? Are they prepared to potentially have to pay for a much larger audience once this additional leakage, I guess, is plugged?

what is the advertiser or agency response to this process are they prepared to potentially have to pay for a much larger audience once these additional -- this additional leakage i guess is plugged


But they have so far not chosen to let that happen for their reasons, and we respect those reasons. We found an alternative approach to be able to measure viewing of Video On Demand through SVOD platforms. That's been critically important to

but they have so far not chosen to let that happen for their reasons and we respect those reasons we found an alternative approach to be able to measure viewing of video on demand through svod platforms that's been critically important to our


And as you know, with Intuitive, you see that's a very attractive market for us, and we look forward to being able to launch Mako in Japan. But I would say, it's a broad range of countries, and it's very similar -- the pattern that we're seeing is a similar pattern

and as you know with intuitive you see that's a very attractive market for us and we look forward to being able to launch mako in japan but i would say it's a broad range of countries and it's very similar the pattern that we're seeing is a similar pattern


By completing these strategic acquisitions, we expanded our sound platform for growth that drives Granite's diverse portfolio as America's infrastructural company. 2018 proved to be a year of significant evolution for a company that is nearly a century old.

by completing these strategic acquisitions we expanded our sound platform for growth that drives granite's diverse portfolio as america's infrastructure company 2018 proved to be a year of significant evolution for a company that is nearly a century old


Earlier this year, we introduced a Korean barbecue meatballs shareable featuring Gochujang sauce as well as a new Pad Thai formulation, which is a popular dish where we have the opportunity to improve the flavor profile.

earlier this year we introduced a korean barbecue meatball shareable featuring gochujang sauce as well as a new pad thai formulation which is a popular dish where we have the opportunity to improve the flavor profile


Our future continues to look very bright for UQM as the commercial electrical vehicle market is continuing increase in its market adoption. And I want to thank, everyone, again, for your ongoing support, and we look forward to another exciting quarter.

our future continues to look very bright for uqm as the commercial electric vehicle market is continuing to increase in its market adoption and i want to thank everyone again for your ongoing support and we look forward to another exciting quarter


sometimes affect the conversion of that sale or they may not be converted into a sale, but it does not eliminate our sale. It does not take away sales from us. Therefore, we want to have in the marketplace responsible and reliable partners

sometimes affect the conversion of that sale or they may not be converted into a sale but it does not eliminate our sale it does not take away sales from us therefore we want to have in the marketplace responsible and reliable partners


our people to engage in that. That's exactly what Iberia has done. It's the reason why we say we are enthusiastic about the maintenance activity in Iberia because we've improved our cost performance and we are meeting the financial targets.

are people to engage in that that's exactly what iberia has done it's the reason why we say we are enthusiastic about the managed downs activity in iberia because we've improved our cost performance and we are meeting the financial targets


The question we're currently evaluating is, how much of that payment is related to future services, and thus will have to be spread over the remaining period of the contract, and how much of it is

the question we're currently evaluating is how much of that payment is related to future services and thus will have to be spread over the remaining period of the contract and how much of it is


Thank you, operator. Before we get started, please note that some of the comments today that are not historical facts could be considered forward-looking statements under federal securities laws and are based on certain assumptions and expectations of management.

thank you operator before we get started please note that some of the comments today that are not historical facts could be considered forward-looking statements under federal securities laws and are based on certain assumptions and expectations of management


It was not a small effort because you had product families and product configurations that were largely independent and different from one another across all of the companies within the Architectural segment that we had acquired over the last few years.

it was not a small effort because you had product families and product configurations that were largely independent and different from one another across all of the companies within the architectural segment that we had acquired over the last few years


Our storage business continues to operate below plan as many customers and potential customers are utilizing real storage in lieu of the caverns. We're continuing to work on additional contracts for this storage season, which we need to be in place by September time frame to benefit this year.

our sawtooth storage business continues to operate below plan as many customers and potential customers are utilizing rail storage in lieu of the caverns we're continuing to work on additional contracts for the storage season which would need to be in place by september time frame to benefit this year


the results of what we have been talking about. In the first half -- first quarter, we talked about what we were seeing in terms of activity in the marketplace, where clients were starting to think about spending significant amounts of money.

the results of what we had been talking about in the first half -- first quarter we talked about what we were seeing in terms of activity in the marketplace where clients were starting to think about spending significant amounts of money


So how do you -- how should we look at it from a 2-, 3-year perspective? Will it sort of stabilize and probably increase in line with your other expenses, or your advertising and publicity will tend to be more like a percentage of revenues?

so how do you -- how should we look at it from a 2-3 year perspective will it sort of stabilize and probably increase in line with your other expenses or your advertising and publicity will tend to be more like a percentage of revenues


the overall structure longer term because we're also differentiating and strengthening our product line as we go. And we would like to see more in terms of these project sales with the turnkey solutions and integrated pieces in those projects.

the overall structure longer term because we're also differentiating and strengthening our product line as we go and we would like to see more in terms of these project sales with the turnkey solutions and integrated pieces in those projects


the warehouse to pick for e-commerce, which breathes more life into them. So this is a evolving story, Vivien. And the outlook is not perfectly clear because the economics of many of these new digital channels

the warehouse to pick for e-commerce which breathes more life into them so this is a evolving story vivian and the outlook is not perfectly clear because the economics of many of these new digital channels


Our summer guests will have the opportunity to enjoy a great lineup of activities for the whole family, including ropes courses, zip lines, summer tubing and alpine coasters, along with incredible opportunities for experiential learning in a high alpine environment.

our summer guests will have the opportunity to enjoy a great lineup of activities for the whole family including ropes courses zip lines summer tubing and alpine coasters along with incredible opportunities for experiential learning in a high alpine environment


The only area where we have been considering share buybacks is in the event of the IPO. And what we have said is the following and this is still true. We've said that

the only area where we have been considering share buybacks is in the event of the ipo and what we have said is the following and this is still true we have said that


and now enabling all of the different product calls you need to connect with the different devices, to enable Binaural VoiceStreaming and get to the best audiological performance.

and now enabling all of the different protocols you need to connect with the different devices to enable binaural voice streaming and get to the best audiological performance


One of the primary drivers of resolving our distressed loans is re-performance through modifications. Since last year, we have heightened our focus on using modification programs and have generated

one of the primary drivers of resolving our distressed loans is reperformance through modifications since last year we have heightened our focus on using modification programs and have generated


And we are also pursuing a broad approach to recyclable cups. We have long espoused the importance of companies doing well by doing good, and we will not waver from our focus and leadership position in sustainability.

and we are also pursuing a broad approach to recyclable cups we have long espoused the importance of companies doing well by doing good and we will not waver from our focus and leadership position in sustainability


We believe that we have developed the claim department structure and process, that combined with the highly trained and centralized staff, provide the foundation that allows us to build on our success in the area of transportation.

we believe that we have developed a claim department structure and process that combined with a highly trained and centralized staff provide the foundation that allows us to build on our success in the area of transportation


The composition of our loan book and regional view are shown on Slides 33 and 34, and we are seeing positive trends in several of our markets and verticals, most notably commercial real estate and construction and our national lending platforms.

the composition of our loan book and a regional view are shown on slides 33 and 34 and we are seeing positive trends in several of our markets and verticals most notably commercial real estate and construction and our national lending platforms


And then the cash flow impact, could you give us an update on what you would anticipate for 2016? The reduced cash payments for losses, what does that mean for your free cash flow?

and then the cash flow impact could you give us an update on what you would anticipate for 2016 the reduced cash payments for losses what does that mean for your free cash flow


As you saw in our press release today, effective at the end of the fourth quarter, we deconsolidated our Venezuela operations and we began to account for our investments in Venezuela using the cost method of accounting in our GAAP financial statements.

as you saw in our press release today effective at the end of the fourth quarter we deconsolidated our venezuela operations and we began to account for our investments in venezuela using the cost method of accounting in our gaap financial statements


Okay. And so if we back out the Costa Rican new store impact on comps, was there any country or territory this past quarter that was negative? Or was everything flat to up?

okay and so if we back out the costa rican new store impact on comps was there any country or territory this past quarter that was negative or was everything flat to up


either in the cloud or on the apps processor. And they're finding more and more applications that can fit in this processor. So as you go throughout the year and the products are introduced, we'll talk more about the use cases, but they, for sure, are expanding.

either in the cloud or on the apps processor and they're finding more and more applications that can fit in this processor so as you go throughout the year and the products introduced we'll talk more about the use cases but they for sure are expanding


in our case, as we look at the market from a quarter standpoint, we know exactly the units that we shipped. We obviously know exactly the revenue that we generated. We have very high specificity around what the inventory levels are in the wholesaler channel,

in our case as we look at the market from a quarter standpoint we know exactly the units that we shipped we obviously know exactly the revenue that we've generated we have very high specificity around what the inventory levels are in the wholesaler channel


We used catalyst to plan and allocate our marketing spend across markets and brands at the beginning of the year. And now marketeers are using catalyst in their day-to-day roles to continuously optimize their spend based on the most current data.

we used catalyst to plan and allocate our marketing spend across markets and brands at the beginning of the year and now marketeers are using catalyst in their day-to-day roles to continuously optimize their spend based on the most current data


I'll begin today's call with a summary of our operational highlights for the quarter and then turn the call over to Rui to discuss the financial results in a little bit more detail. After that, I'll return with a few concluding remarks before opening up the call to questions.

i'll begin today's call with a summary of our operational highlights for the quarter and then turn the call over to rui to discuss the financial results in a little bit more detail after that i'll return with a few concluding remarks before opening up the call to questions


And then the third one is, whether this is right or wrong, it's just very difficult to be in this space without having a brand really in a traditional university in a traditional campus that's rooted in a physical location.

and then the third one is whether this is right or wrong it's just very difficult to be in this space without having a brand rooted in a traditional university in a traditional campus that's rooted in a physical location


How does that change going forward? How does the industry -- and you're the leader in the industry. How does the industry finally get to a point where they can earn their cost of capital at some point other than the peak of the 7-year cycle?

how does that change going forward how does the industry -- and you're the leader in the industry how does the industry finally get to a point where they can earn their cost of capital at some points other than the peak of the 7-year cycle


The emergence of new distribution channels offers the potential for our brands to reach more directly and deeply than ever before. You've heard us talk a lot about the investments we've made across these channels, and I'll come back to these later.

the emergence of new distribution channels offers the potential for our brands to reach more directly and deeply than ever before we've had us talk a lot about the investments we've made across these channels and i'll come back to this later


which is a little bit above 11%. I think the things that help us get to the higher end of guidance are faster ramps of the projects that we have visibility to today and acceleration in the new business

which is a little bit above 11% i think the things that help us get to the higher end of guidance are faster ramps of the projects that we have visibility to today and acceleration in the new business


You know that we have divested the China business, but it has not yet been closed, so China is still part of our numbers and are impacting the numbers more negatively than expected. But the problem is solved going forward.

you know that we have divested the china business but it has not yet been closed so china is still part of our numbers and are impacting the numbers more negatively than expected but the problem is solved going forward


Virtual reality and new consoles are a wildcard in that business segment and could dramatically change the growth projections. And the fourth takeaway was that all of these combine to make GME a growing and diversified company.

virtual reality and new consoles are a wildcard in that business segment and could dramatically change the growth projections and the fourth takeaway was that all of these combined to make gme a growing and diversified company


This is higher than last year primarily due to the unfavorable foreign exchange rates and capital spending in our new CIS segment. In addition, we made equipment purchases to expand manufacturing capacity in China.

this is higher than last year primarily due to the unfavorable foreign exchange rates and capital spending in our new cis segment in addition we made equipment purchases to expand manufacturing capacity in china


Regarding our second objective, which relates to our pipeline portfolio of innovative whole-product solutions, we continue to make progress. Starting with our drug delivery programs, we have targeted several aggressive milestones over the next several quarters.

regarding our second objective which relates to our pipeline portfolio of innovative whole product solutions we continue to make progress starting with our drug delivery programs we have targeted several aggressive milestones over the next several quarters


Improving application performance is just the beginning when it comes to removing friction so that our community can grow and enjoy Snapchat. We have recently launched partnerships with wireless carriers in over a dozen markets to begin reducing cellular bandwidth costs for Snapchatters around the world.

improving application performance is just the beginning when it comes to removing friction so that our community can grow and enjoy snapchat we have recently launched partnerships with wireless carriers in over a dozen markets to begin reducing cellular bandwidth costs for snapchatters around the world


Despite all the noise during the quarter, we're confident that we will have success passing through the price increases while we continue to focus on execution of our strategy to grow our sales and invest and manage our business for further operating leverage

despite all the noise during the quarter we're confident that we will have success passing through the price increases while we continue to focus on execution of our strategy to grow our sales and invest and manage our business for further operating leverage


Low interest rates, ample liquidity, and a search for yield continue to sustain the credit markets and buoy equity markets, creating a somewhat challenging investment environment through our countercyclical investment strategies.

low interest rates ample liquidity and a search for yield continue to sustain the credit markets and buoy equity markets creating a somewhat challenging investment environment for our countercyclical investment strategies


I should add that the majority of the assets that we have closed or are under contract were secured off-market, thus avoiding competitive option like bidding. This is a complement to our ongoing efforts to further develop our relationships throughout the industry.

i should add that the majority of the assets that we have closed or are under contract were secured off market thus avoiding competitive auction-like bidding this is a complement to our ongoing efforts to further develop our relationships throughout the industry


and hang on to the business that we have. And they also don't want to see antagonistic relationships, where we have multiple suppliers of the same product that have to compete through our channels. So

and hang on to the business that we have and they also don't want to see antagonistic relationships where we have multiple suppliers of the same product that have to compete through our channels so


they'll ask us to look at that. So it's really -- it's a little bit of a 2-way street. A lot of our opportunities come from client-driven needs that they're talking to our account management and sales team about all the time.

they'll ask us to look at that so it's really -- it's a little bit of a 2-way street a lot of our opportunities come from client-driven needs that they're talking to our account management and sales team about all the time


but we still want every quarter to be at a certain number and that I thought we were a little disappointed that we didn't get to the double-digit number, and we did see actually a slowdown post Diwali.

but we still want every quarter to be at a certain number and that i thought we were a little disappointed that we didn't get to the double-digit number and we did see actually a slowdown post diwali


Turning to Seven Seas Water on Slide 6. We had a very productive quarter with plants operating as expected. All plants either met or exceeded production expectations and the majority experienced increased demand from our customers

turning to seven seas water on slide 6 we had a very productive quarter with plants operating as expected all plants either met or exceeded production expectations and the majority experienced increased demand from our customers


We are also planning to change our calculation of adjusted operating margins to exclude transaction amortization, so investors can get a better sense of core margin performance. We envision making this change starting with our first quarter reporting.

we are also planning to change our calculation of adjusted operating margins to exclude transaction amortization so investors can get a better sense of core margin performance we envision making this change starting with our first quarter reporting


So you were talking about O2O, and you were talking about advertisements, but that's an area of your strength from the past. So for financial services and its monetization, as you strive to make progress, I think there's a lot of still missing pieces.

so you were talking about o2o and you were talking about advertisements but that's an area of your strength from the past so for financial services and its monetization as you strive to make progress i think there's a lot of still missing pieces


the first changes we've made to focus the business -- the storage business where we are dedicated to making sure that we decline less than a market that is in secular decline,

the first changes we've made to focus the business on the storage business where we are dedicated to making sure that we decline less than a market that is in secular decline


I also want to salute the heroic efforts of our Aramark team members who supported our clients, consumers and the broad communities in the face of several unprecedented natural disasters and who'll continue to do so with the cleanup efforts that lie ahead.

i also want to salute the heroic efforts of our aramark team members who supported our clients consumers and the broad communities in the face of several unprecedented natural disasters and who will continue to do so with the cleanup efforts that lie ahead


ship out your products. However, if your products can not be sell-through, it will be very difficult for you. You have to protect your brand, you have to return the payments. You cannot have your products in the wrong places.

ship out your products however if your products cannot be sold through it will be very difficult for you you have to protect your brand you have to return the payments you cannot have your products in the wrong places


when the market changes very fast, you don't want to be caught unprepared. For example, when it starts raining, you suddenly realize you don't have your umbrella or the bucket, then that -- you have a big problem. Regarding your second question,

when the market changes very fast you don't want to be caught unprepared for example when it starts raining you suddenly realize you don't have your umbrella or the bucket then that -- you have a big problem regarding your second question


But I think the one point we can make is we're starting to see that we get sort of a better grip on and visibility on what the overall pipeline looks like, and it is gradually coming down. And I think that's

but i think the one point we can make is we're starting to see that we get sort of a better grip on and visibility on what the overall pipeline looks like and that it's gradually coming down and i think that's


which ended on September 30, 2016. Through this audio presentation, we would like to review the financial results and highlight the major factors that influenced Honda's business operations during the period.

which ended on september 30 2016 through this audio presentation we would like to review the financial results and highlight the major factors that influenced honda's business operations during the period


When we publish our third quarter actuals, we will also be updating our first and second quarter non-GAAP actual results to reflect this common measurement. This measurement will eliminate the noise associated with negative purchase accounting effects that are most pronounced in the software acquisitions

when we publish our third quarter actuals we will also be updating our first and second quarter non-gaap actual results to reflect this common measurement this measurement will eliminate the noise associated with negative purchase accounting effects that are most pronounced with software acquisitions


you have a very good idea of what the traffic patterns are now. So going forward, we shouldn't see more of these changes in the -- as dramatic a change in the mix as you've seen in the past? And you start to see the benefits of some of the circuit costs you spent?

you have a very good idea of what the traffic patterns are now so going forward we shouldn't see more of these changes in the -- as dramatic a change in the mix as you've seen in the past and you start to see the benefits of some of the circuit costs you spent


Textbook sales were impacted by the delayed rush and the community college trends as well as increased consumer purchases directly from publishers and other online providers.

textbook sales were impacted by the delayed rush and the community college trends as well as increased consumer purchases directly from publishers and other online providers


such as corporate acquisition analysis, credit decisioning and fraud prevention. We have signed a number of large clients already across several industries and recorded real revenue in our first year of operation.

such as customer acquisition analysis credit decisioning and fraud prevention we have signed a number of locked clients already across several industries and recorded real revenue in our first year of operation


But on the other end of that spectrum, older dogs, dogs with chronic diseases, they have inappetence that is much more of a chronic condition. So we would expect over time to see use in chronic, as vets get familiar with the product.

but on the other end of that spectrum older dogs dogs with chronic diseases they have inappetence that is much more of a chronic condition so we would expect over time to see use in chronic as vets get familiar with the product


as well as our performance during the third quarter and year-to-date, we remain confident in our ability to execute during the holiday season and into 2016. Before I conclude, I would like to take a moment to thank our associates

as well as our performance during the third quarter and year-to-date we remain confident in our ability to execute during the holiday season and into 2016 before i conclude i would like to take a moment to thank our associates


Such forward-looking statements are given as of the date of this call and involve risks and uncertainties. A number of factors and assumptions were applied in the formulation of such statements and actual results could differ materially.

such forward-looking statements are given as of the date of this call and involve risks and uncertainties a number of factors and assumptions were applied in the formulation of such statements and actual results could differ materially


Just trying to figure out what exactly is kind of causing the shift. I think a big piece of it is that you guys are shifting more activity to the Delaware, which has a higher per well cost and that might be bringing up the average. But wanted to get your thoughts there.

just trying to figure out what exactly is kind of causing the shift i think a big piece of it is that you guys are shifting more activity to the delaware which is a higher per well cost and that might be bringing up the average but wanted to get your thoughts there


Silver Lake has extensive experience supporting both growth and margin expansion initiatives, and we believe their advice and support will help speed our transformation into a high-margin growth software company.

silver lake has extensive experience supporting both growth and margin expansion initiatives and we believe their advice and support will help speed our transformation into a high-margin growth software company


for a protocol violation, after he received an unrelated vaccination for shingles just before his second dose of SEL-212. His uric acid level had been fully controlled over the first month.

for a protocol violation after he received an unrelated vaccination for shingles just before his second dose of sel-212 his uric acid level had been fully controlled over the first month


Having been in China since 1999, the strength of our brand, the trust we have built with our customers and partners and our working knowledge of the many nuances of the China market uniquely positions us for continued long-term success.

having been in china since 1999 the strength of our brand the trust we have built with our customers and partners and our working knowledge of the many nuances of the china market uniquely positions us for continued long-term success


But of even greater longer-term importance is the work we're doing to make our marketing more effective. Diageo has marketing flair. Our teams create great marketing campaigns to drive the growth of our brands,

but of even greater longer-term importance is the work we're doing to make our marketing more effective diageo has marketing flair our teams create great marketing campaigns to drive the growth of our brands


So it's a combination. There's just not one easy answer. And I can tell you, we're very dedicated to those practices. Those geographies are very important to us. We have outstanding clients in those areas.

so it's a combination there's just not one easy answer and i can tell you we're very dedicated to those practices those geographies are very important to us we have outstanding clients in those areas


So as is clearly illustrated, loading operations on blast holes are significantly complicated by the presence of wires. So you see the 2 pictures that I draw your attention. So this is how the traditional

this -- so as is clearly illustrated loading operations of blast holes are significantly complicated by the presence of wire so you see the 2 pictures that i draw your attention so this is how the traditional


that both gave you some cost absorption, actually, the growth could contribute some amount of earnings, and then we started to see some pricing that also helped us sustain 50% operating leverage over the last couple of years. We are now kind of entering a stage where our assets are a bit better utilized.

that both gave you some cost absorption and actually the growth could contribute some amount of earnings and then we started to see some pricing that also helped us sustain 50% operating leverage over the last couple of years we're not kind of entering a stage where our assets are a bit better utilized


At the beginning of July, we divested our household cleaning segment. The transaction is accumulation of many strategic actions we've taken over the last 7 years towards becoming a focused and leading consumer healthcare company.

at the beginning of july we divested our household cleaning segment the transaction is accumulation of many strategic actions we've taken over the last 7 years towards becoming a focused and leading consumer health care company


that started to ship in June. We believe, given the 6-month time frame provided, we will be able to sell out a significant portion of that capacity in the form of parent rolls and retail sales with margins comparable to or better than currently achieved.

that started to ship in june we believe given the 6-month time frame provided we will be able to sell out a significant portion of that capacity in the form of parent rolls and retail sales with margins comparable to or better than currently achieved


please be advised that this conference call will contain statements that are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. I would like to remind everyone that this conference call is being recorded today, Wednesday,

please be advised that this conference call will contain statements that are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated i would like to remind everyone that this conference call is being recorded today wednesday


to work for less than their peers at other airline. We're not going to do that. So yes, we're going to sign contracts. When we sign them, they're going to be at those levels and yes. And no, we don't expect that

to work for less than their peers at other airlines we're not going to do that so yes we're going to sign contracts when we sign them they're going to be at those levels and yes and no we don't expect that


high single digits throughout the year and had moderated back to flat in Q3. And then also, we had the water purification business, which also was strong most of the year and took a little bit of a pause in Q3. So that's where the misses came, Steve.

high single digits throughout the year and had moderated back to flat in q3 and then also we had the water purification business which also was strong most of the year and took a little bit of a pause in q3 so that's where the misses came steve


build plans to address unforeseen circumstances as they come up, but just keep our eye on the ball as it relates to delivering this year but also investing in things that are exciting and will lead to sustainable growth for the future.

build plans to address unforeseen circumstances as they come up but just keep our eye on the ball as it relates to delivering this year but also investing in things that are exciting and will lead to sustainable growth for the future


All of the details, by the way, are available on the Form 4s that we filed to disclose all of the details to grants to officers and directors. And I would like to add that most of these grants are performance-based grants

all of the details by the way are available on the form 4s that we filed to disclose all of the details to grants to officers and directors and i would like to add that most of these grants are performance-based grants


As I mentioned on our October call, our budget for repairs and maintenance expenses does not assume expenses related to property damage or other onetime items. Our updated guidance does include the impact of recent minimum wage changes in states such as Arizona and Washington.

as i mentioned on our october call our budget for repairs and maintenance expenses does not assume expenses related to property damage or other onetime items our updated guidance does include the impact of recent minimum wage changes in states such as arizona and washington


So with that, I just tell you, I think he is an ideal candidate to take over that role from our really long-standing Kamillo Kitzmantel that made an excellent job representing that company

so with that i just tell you i think he is an ideal candidate to take over that role from our really long-standing camillo kitts-mantel that made an excellent job representing that company


is this -- the opportunities is more and more like a credit card kind of portfolio. And one of the attractive aspects of a credit card portfolio is actually you've got a high average credit score relative to the yield

is this -- the opportunity is more and more like a credit card kind of portfolio and one of the attractive aspects of a credit card portfolio is actually you've got a high average credit score relative to the yield


In South Dakota, a bill requiring every school to have a safety plan and lockdown drills pass committee. In Indiana, the state senate is voting on a proposal to create a handbook of safety precautions schools can follow.

in south dakota a bill requiring every school to have a safety plan and lockdown drills passed committee in indiana the state senate is voting on a proposal to create a handbook of safety precautions schools can follow


a moving target there as well as in other countries. So we like to have that capacity that gives us liquidity and we think that it's an advantage to be able to move in areas that we need as we go into the next crop season.

a moving target there as well as in other countries so we like to have that capacity that gives us liquidity and we think that it's an advantage to be able to move in areas that we need as we go into the next crop season


And so these are technologies that they'll turn off in very dire times, but they will end up turning it back on because it's not very smart economically to have these turned off for a long period of time because you're going to be basically blow out your pipe.

and so these are technologies that they'll turn off in very dire times but they will end up turning them back on because it's not very smart economically to have these turned off for long periods of time because you're going to basically blow out your pipe


The other area I think would be just kind of world economic health. I don't think the world's going to turn to recession, but it's kind of a flaky world right now, and it's almost a binary, things turn on and off

the other area i think would be just kind of world economic health i don't think the world's going to turn to recession but it's kind of a flaky world right now and it's almost binary things turn on and off


So customers with that profile are hidden. Not everybody gets to them, but we do. So that's basically it. We are going to places where we understand that

so customers with that profile are hidden not everybody gets to them but we do so that's basically it we are going to places where we understand that


Also, we have a continued focus on safety and reliability. We have an unwavering commitment to top quartile safety performance and reliability, so we want to create value for not just the shareholders but our customers and our employees as well.

also we have a continued focus on safety and reliability we have an unwavering commitment to top-quartile safety performance and reliability so we want to create value for not just the shareholders but our customers and our employees as well


Latin America had positive organic growth, but slowed compared to prior year because of lower pricing and the strike in Brazil. Pricing was still negative in the half, but improved significantly in the second quarter. Brazil

latin america had positive organic growth but slowed compared to prior year because of lower pricing and the strike in brazil pricing was still negative in the half but improved significantly in the second quarter


That's why we believe that it may be in the late second quarter or early in the third quarter that we may actually have this export license move through the process, but it is not something that is new.

that's why we believe that it may be in the late second quarter or early in the third quarter that we may actually have this export license move through the process but it is not something that is new


Today's remarks may also include financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in our earnings release

today's remarks may also include financial measures that were not prepared in accordance with u s generally accepted accounting principles reconciliations of non-gaap financial measures to the most directly comparable gaap financial measures can be found in our earnings release


I just had a quick follow-up one to the -- a few questions ago on the capital recycling. I was just wondering if you could discuss, as you go forward and you're more balanced in terms of dispositions versus -- and the uses of those proceeds, what do you

i just had a quick follow-up one to the few questions ago on the capital recycling i was just wondering if you could discuss as you go forward and you're more balanced in terms of dispositions versus and the uses of those proceeds what do you


And so I think we have a good level of confidence in the middle market right now. I think it does give us the capability to continue to recruit strong numbers. Keep in mind that you're always going to have a lag time as recruits pull through the licenses of a quarter or so.

and so i think we have a good level of confidence in the middle market right now i think it does give us the capability to continue to recruit strong numbers keep in mind that you're always going to have a lag time as recruits pull through the licenses of a quarter or so


Although we set what I felt was a low bar of attaining historical job-to-date productivity at the end of the second quarter, we experienced slightly lower productivity than historical performance in Q3 and took an additional charge.

although we set what i felt was a low bar of attaining historical job-to-date productivity at the end of the second quarter we experienced slightly lower productivity than historical performance in q3 and took an additional charge


In this study, no infants have discontinued or withdrawn from the study due to adverse events and no new safety concerns have been identified. These results are encouraging and we believe continue to highlight the need for newborn screening.

in this study no infants have discontinued or withdrawn from the study due to adverse events and no new safety concerns have been identified these results are encouraging and we believe continue to highlight the need for newborn screening


And it's doing it all at a price point which allows us to show fantastic leasing spreads, but still be very significantly below new construction costs, while at the same time

and it's doing it all at a price point which allows us to show fantastic leasing spreads but still be very significantly below new construction costs while at the same time


I'd like to remind you that during this presentation, you'll hear some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.

i'd like to remind you that during this presentation you'll hear some forward-looking statements within the meaning of the private securities litigation reform act of 1995 these statements are based on management's current expectations and are subject to uncertainty and changes in circumstances


This was largely kind of a second half phenomenon last year and maybe ran into a bit this year in terms of kind of the timing of the retirements and turnover that impacted some of the revenue.

this was largely kind of a second half phenomenon last year and maybe ran into a bit this year in terms of kind of the timing of the retirements and turnover that impacted some of the revenue


you're going to be increasing your capacity toward the end of the quarter, correct? And so I'm wondering what kind of discussions you're having about market penetration with your salespeople.

you're going to be increasing your capacity toward the end of the quarter correct and so i'm wondering what kind of discussions you're having about market penetration with your salespeople


Second, return to net profitability was one of the very few oil service companies to achieve this. Going forward, linked to the growth plan, we expect the profitability to move meaningfully higher.

second a return to net profitability was one of the very few -- all service companies to achieve this going forward linked to the growth plan we expect the profitability to move meaningfully higher


and an increase at our Trinidad plant due to an increase in volume of water delivered to our customer resulting from the plant expansion completed in 2016. The increases were partially offset by lower revenues at our BVI operation.

and an increase at our trinidad plant due to an increase in volume of water delivered to our customer resulting from the plant expansion completed in 2016 the increases were partially offset by lower revenues at our bvi operation


A couple of news on the European Commission fine, we still do not have full clarity however, in September we were notified that the proceedings in our case by the Court of Justice

a couple of news on the european commission fine we still do not have full clarity however in september we were notified that the proceedings in our case by the court of justice


We have -- we expect to see the continued benefit of our more focused distribution strategy, which has been a strong driver for growth in 2015 as well as the initiative to put more of our products in more of the offices across the nation.

we expect to see the continued benefit of our more focused distribution strategy which has been a strong driver for growth in 2015 as well as the initiative to put more of our products in more of the offices across the nation


where it's a lot easier to create product innovation and find more dynamic solutions for business owners. But we haven't seen that happen yet, but hopefully we will see that over the next few quarters.

where it's a lot easier to create product innovation and find more dynamic solutions for business owners but we haven't seen that happen yet but hopefully we will see that over the next few quarters


Continuing to grow the predictable and recurring revenues and taking our spot revenues as a proportion of our mix down. And improving the operating leverage in the business to give us scale where we want to add, we can add effectively and get the benefit from it.

continuing to grow the predictable and recurring revenues and taking our spot revenues as a proportion of our mix down and improving the operating leverage in the business to give a scale where we want to add we can add effectively and get the benefit from it


To round out the update, let me review the status of the rest of our pipeline. We continue to make progress expanding the availability of RAPIVAB by gaining approval in Canada in January and filing for approval in Europe earlier this year.

to round out the update let me review the status of the rest of our pipeline we continue to make progress expanding the availability of rappavab by gaining approval in canada in january and filing for approval in europe earlier this year


As more and more of these contracts are transferred to us, we are able to increase our responsiveness and profitability. It is expected that at the current phase, however, it will still take several quarters to wrap up all of the assignments.

as more and more of these contracts are transferred to us we are able to increase our responsiveness and profitability it is expected that at the current pace however it will still take several quarters to wrap up all of the assignments


The parent's free cash flows, as we define it, results primarily from the dividends received by the parent from the subsidiaries less the interest paid on debt and the dividends paid to Torchmark shareholders.

the parent's free cash flows as we define it results primarily from the dividends received by the parent from the subsidiaries less the interest paid on debt and the dividends paid to torchmark shareholders


This is a good time for me to interject a few comments about China tariffs, which is the other key factor that the industry is facing in Q3. While there is still a great deal of uncertainty and doubt about the effects of tariffs,

this is a good time for me to interject a few comments about china tariffs which is the other key factor that the industry is facing in q3 while there is still a great deal of uncertainty and doubt about the effects of tariffs


and is accretive to our overall margin profile of CSC. So that was one of the reasons why this became apparent to us last year, in particular,

and is accretive to our overall margin profile of csc so that was one of the reasons why this became apparent to us last year in particular


either conservative in nature or really didn't have a lot of revenue associated with them. So as we've gone through the process, we've not seen a big change in our long-term outlook. Of course, like almost any other company, we're running

either conservative in nature or really didn't have a lot of revenue associated with them so as we've gone through the process we've not seen a big change in our long-term outlook of course like almost any other company we're running


Today, we announced our first recorded royalties from commercial sales of Yescarta. We are entitled to a percentage of global Yescarta net sales as well as a portion of certain product milestones.

today we announced our first recorded royalties from commercial sales of yescarta we are entitled to a percentage of global yescarta net sales as well as a portion of certain product milestones


Our last question is, will we be providing guidance for fiscal year '18? Revenue and profitability guidance is a difficult challenge, especially, when you're pursuing significant opportunities with new customers.

thanks sherry our last question is will we be providing guidance for fiscal year '18 revenue and profitability guidance is a difficult challenge especially when you're pursuing significant opportunities with new customers


for strategic deals if I'm reading that properly based on the accounts you named. What would you attribute that to? I know earlier in the year, activity there was a little bit lighter. It sounds like you had a nice comeback in the second half, as you called out. Is that just

for strategic deals if i'm reading that properly based on the accounts you named what would you attribute that to i know earlier in the year activity there was a little bit lighter it sounds like you had a nice comeback in the second half as you called out is that just


in terms of any other REIT product type and even in terms of our returns to some of our competition, those are really off the chart even with a bit of compression in the unlevered returns for the cloud deals.

in terms of any other reit product type and even in terms of our returns to some of our competition those are really off the chart even with a bit of compression in the unlevered returns for the cloud deal


We are now also starting to really take this out to the clients. We've already seen the pipeline for Entrada begin to grow. And we've certainly are now excited to be able to bring an analytics offering to the table as well.

we are now also starting to really take this out to the clients we've already seen the pipeline for entrella begin to grow and we've certainly are now excited to be able to bring an analytics offering to the table as well


Nonetheless, our general consumer products fared very well overall. The year-on-year decline in sales primarily reflects the impact from the closing of a business at one of our subsidiaries.

nonetheless our general consumer products fared very well overall the year-on-year decline in sales primarily reflects the impact from the closing of a business at one of our subsidiaries


stay focused on delivering what we're talking about here in the back half of 2018, first and foremost. We're going to see how that goes, and we will continue to have a bias for investment in areas that deliver a return from a growth profile perspective.

stay focused on delivering what we're talking about here in the back half of 2018 first and foremost we're going to see how that goes and we will continue to have a bias for investment in areas that deliver a return from a growth profile perspective


in 2016 compared to 2015. This is encouraging and speaks to our ability to meet the needs and wants of consumers with innovative design and high construction standards in locations where customers want to live.

in 2016 compared to 2015 this is encouraging and it speaks to our ability to meet the needs and wants of consumers with innovative design and high construction standards in locations where customers want to live


In our Products group, our Emerald KVM product line is getting traction in the market and supports our excitement for its future. This was a big step in the Products strategic plan to develop proprietary product lines in key targeted markets.

in our products group our emerald kvm product line is getting traction in the market and supports our excitement for its future this was a big step in the product strategic plan to develop proprietary product lines in key targeted markets


During this call, certain statements we make will be forward-looking. I want to call your attention to our safe harbor provision for forward-looking statements that can be found at the end of our press release. The safe harbor provision identifies risk factors that may cause actual results to differ materially from the content of our forward-looking statements.

during this call certain statements we make will be forward-looking i want to call your attention to our safe harbor provision forward-looking statements that can be found at the end of our press release the safe harbor provision identifies risk factors that may cause actual results to differ materially from the content of our forward-looking statements


When we approached them about establishing a referral arrangement to reach many more of their customers, not only were they interested, they have since signed up to use ARC themselves, that is, they will use ARC to invoice those very same customers we'll be selling to.

when we approached them about establishing a referral arrangement to reach many more of their customers not only were they interested they have since signed up to use arc themselves that is they will use arc to invoice those very same customers we'll be selling to


the one I mentioned, Sihl was on Sage X3 is the name of their ERP, we have to build those connectors. We've gotten good at that. So the fact that we could get a company like Sihl up and running actually live with customers in just under 8 weeks and do a connector

the one i mentioned sil was on sage x3 is the name of their erp we have to build those connectors we've gotten good at that so the fact that we could get a company like sil up and running actual live with customers in just under 8 weeks and do a connector


would be to try to get to at a cost basis of closer to 4% over the course of time. I'm not going to burden the new CFO with that expectation. But I think if you go back and look at some of our statistics,

would be to try to get to at a cost basis of closer to 4 over the course of time i'm not going to burden the new cfo with that expectation but i think if you go back and look at some of our statistics


It will be delivered in 5 areas. The first pillar is net revenue management. We believe we can access significant value in headline pricing, the effectiveness of our trade investment and promotional spend.

it will be delivered in 5 areas the first pillar is net revenue management we believe we can access significant value in headline pricing the effectiveness of our trade investment and promotional spend


larger partner and employee footprint, so they can weather some of these storms probably easier than we can. I think -- but I think the premise of your question is accurate.

larger partner and employee footprint so they can weather some of these storms probably easier than we can i think -- but i think the premise of your question is accurate


I would add that the quarter started off very strong, including one of the best Fort Lauderdale boat shows we have ever produced. However, as the industry data has shown, December was weaker than expected and tempered the overall strength in the quarter.

i would add that the quarter started off very strong including one of the best fort lauderdale boat shows we have ever produced however as the industry data has shown december was weaker than expected and tempered the overall strength in the quarter


On the Susquehanna-Roseland project, we demonstrated our ability to cooperate with multiple state and regulatory government agencies and to partner with a neighboring utility, which built an additional 50 miles of transmission line in New Jersey as part of that project.

on the susquehanna-roseland project we demonstrated our ability to cooperate with multiple state and regulatory government agencies and to partner with a neighboring utility which built an additional 50 miles of transmission line in new jersey as part of that project


Do you have any idea like what that could turn into at some point? Or is it just way too soon to tell? Well, I think it is too soon. And of course, they are growing from a small base so I get excited about higher growth rates.

do you have any idea like what that could turn into at some point or is it just way too soon to tell well i think it is too soon and of course they're growing from a small base so i get excited about higher growth rates


Turning to Slide 9. As we look to the future, we are excited to be a leader in this industry. With our diverse portfolio and leading market positions, we see many catalysts for continued profitable growth.

turning to slide 9 as we look to the future we're excited to be a leader in this industry with our diverse portfolio and leading market positions we see many catalysts for continued profitable growth


but we are doing what we said we're going to do. We think our business is -- our business, underlying business, is sound and we think we're well positioned to continue to deliver strong growth in a challenging environment. And Andrew, it builds on the success and you could see the trend as we play through the year,

but we are doing what we said we're going to do we think our business is -- our business underlying business is sound and we think we're well positioned to continue to deliver strong growth in a challenging environment and andrew it builds on the success and you can see the trend as we play through the year


What I think we can say is, tipi continues to demonstrate a very high level of clinical activity in this population. And we're doing everything we can to try to pursue all options for accelerated development.

what i think we can say is tippie continues to demonstrate a very high level of clinical activity in this population and we're doing everything we can to try to pursue all options for accelerated development


This renewed and extended commitment from these leading institutions and the additional flexibility under the credit agreement provide a great runway for the company to continue to pursue its long-term growth strategy.

this renewed and extended commitment from these leading institutions and the additional flexibility under the credit agreements provide a great runway for the company to continue to pursue its long-term growth strategy


Thank you, Peter, and good morning to everyone joining us on the call. It's been a productive first half of the year with a lot of activity underway as we continue to execute against our strategy to drive organic growth,

thank you peter and good morning to everyone joining us on the call it's been a productive first half of the year with a lot of activity underway as we continue to execute against our strategy to drive organic growth


And that actually includes the cost of building out the residential mortgage business. That cost, we're not really going to see much recovery of our expense there. It's a little bit of lead time as you build that out. We've brought in a really talented team from Astoria

and that actually includes the cost of building out the residential mortgage business that cost we're not really going to see much recovery of our expense there it's a little bit of lead time as you build that out we brought in a really talented team from astoria


In summary, it was a solid operational performance by the Industrial teams, holding organic growth flat and expanding the operating margin rate despite soft infrastructure and global industrial markets as well as a significant currency drag.

in summary it was a solid operational performance by the industrial teams holding organic growth flat and expanding the operating margin rate despite soft infrastructure and global industrial markets as well as a significant currency drag


As we announced earlier in the year, we no longer sell our paint products to Mitre 10 New Zealand and are now aligned with Bunnings in big box hardware retailing in New Zealand. The transition occurred later in the year and resulted in a modest decline in profit for the New Zealand business.

as we announced earlier in the year we no longer sell our paint products to mitre 10 new zealand and are now aligned with bunnings in big box hardware retailing in new zealand the transition occurred late in the year and resulted in a modest decline in profit for the new zealand business


We appreciate your continued interest in LGI Homes. During today's call, I will summarize the highlights from the fourth quarter and the full year. After -- then Charles will follow up to discuss our financial results in more detail.

we appreciate your continued interest in lgi homes during today's call i will summarize the highlights from the fourth quarter and the full year after -- then charles will follow up to discuss our financial results in more detail


Is that -- I mean, you mentioned some of the drivers. But I mean, is a lot of this just the pipeline and work is good, the new products are good? And I mean, do you think we're just in a period that might be a little better than normal over the next couple of years?

is that -- i mean you mentioned some of the drivers but i mean is a lot of this just the pipeline of work is good that the new products are good and i mean do you think we're just in a period that might be a little better than normal over the next couple of years


We continued to win in the higher value segments of the business. Performance Athletic is a good example, where growth has been consistently strong, better than 15% annually over the past couple of years.

we continue to win in the higher value segments of the business performance athletic is a good example where growth has been consistently strong better than 15% annually over the past couple of years


As you may recall from prior announcements, Don recently accepted this new assignment, which is focused in part of preparing our company to effectively execute the operational product and cultural integration of winning new acquisition that might take place in the future.

as you may recall from prior announcements don recently accepted this new assignment which is focused in part on preparing our company to effectively execute the operational product and cultural integration of any new acquisition that might take place in the future


But they're a little bit wider spreads. They're a little bit less leverage. We've been able to get stronger covenants. So I think this erosion of covenants and sort of erosion of credit quality is one of the reasons why we've designed our program the way we've designed it.

they're a little bit wider spread they're a little bit less leverage we've been able to get stronger covenants so i think this erosion of covenants and sort of erosion of credit quality is one of the reasons why we've designed our program the way we've designed it


We expect in the next 90 days to be able to make announcements and discuss some of the things to achieve the goal that we outlined on May 7 to you. And it all remains on track, and we continue to thank you for your patience. And hopefully,

we expect in the next 90 days to be able to make announcements and discuss some of the things to achieve the goals that we outlined on may 7 to you and it all remains on track and we continue to thank you for your patience and hopefully we'll


The majority of this cash is earmarked for future debt reduction and share repurchases. We consider that the success we've had with the disposition program has prefunded these strategic priorities.

the majority of this cash is earmarked for future debt reduction and share repurchases we consider that the success we've had with the disposition program has prefunded these strategic priorities


to a permanent answer. And so hedging is never going to be a permanent solution to deal with commodity fluctuation. Ultimately, you have to get price or you have to get cost out of your business, and so yes, we do hedge.

to a permanent answer and so hedging is never going to be a permanent solution to deal with commodity fluctuation ultimately you have to get price or you have to get cost out of your business and so yes we do hedge


We were fully reserved for the underlying claim. However, we do not agree with the decision and particularly disagree with the decision to issue penalties, which we did not think was likely or warranted. The law is very clear that we were entitled to rely upon the opinion of legal counsel.

we were fully reserved for the underlying claim however we do not agree with the decision and particularly disagree with the decision to issue penalties which we did not think was likely or warranted the law is very clear that we were entitled to rely upon the opinion of legal counsel


Our marketing team has also assembled a large group of nationally recognized key opinion leaders into a trained speakers bureau, which will educate chartered nephrologists and endocrinologists on appropriate use of Rayaldee. As a reminder,

our marketing team has also assembled a large group of nationally recognized key opinion leaders into a trained speakers bureau which will educate targeting nephrologists and endocrinologists on the appropriate use of reality as a reminder


I think the second perspective that we've developed as a senior team here is because it's more fixed than variable, we actually need to find ways that in good times we create more margin expansion and more leverage.

i think the second perspective that we've developed as a senior team here is because it's more fixed than variable we actually need to find ways that in good times we create more margin expansion and more leverage


One of the most important things that we're doing in the company is our fleet -- refleeting that Express. And if there's possibility to accelerate that, it's the highest return project that we have out there and it's something we would look at.

one of the most important things that we're doing in the company is our fleet -- re-fleeting at express and if there's a possibility to accelerate that it's the highest return project that we have out there and it's something we would look at


can you talk about the sustainability? I understand it's more driven by you rather than the end market, but once you get into the space and once you're an approved vendor, why should this trend not be sustainable, say, over the next multiple quarters?

can you talk about the sustainability i understand it's more driven by you rather than the end market but once you get into the space and once you're an approved vendor why should this trend not be sustainable say over the next multiple quarters


Let me walk you through a handful of these capabilities to illustrate how we're being responsive to the specific needs of the technology industry and differentiating ourselves in the market.

let me walk you through a handful of these capabilities to illustrate how we're being responsive to the specific needs of the technology industry and differentiating ourselves in the market


Digital gaming continued to be a solid segment, although slower growth in some of our publishers. The Kongregate segment provided some growth in the quarter, and we expect strength in our DLC segment in conjunction with new software launches throughout the year.

digital gaming continued to be a solid segment although slower growth than some of our publishers the congregate segment provided some growth in the quarter and we expect strength in our dlc segment in conjunction with new software launches throughout the year


In order to identify the value of 5G technologies, we are starting pilots with a number of business partners. Through these use cases, we will determine the value of new technologies for different industries.

in order to identify the value of 5g technologies we are starting pilots with a number of business partners through these use cases we will determine the value of new technologies for different industries


And while our focus on traditional retailers remains core, we are seeing strong progress in e-commerce where sales are up ahead of our objectives at more than 30% for the fiscal year having accelerated into the fourth quarter.

and while our focus on traditional retailers remains core we are seeing strong progress in e-commerce where sales are up ahead of our objectives at more than 30% for the fiscal year having accelerated into the fourth quarter


The key components of the impairments and unusual items are outlined on Slide 7 of our investor presentation, and I'll talk briefly to the key -- to each of the 5 categories in the table.

the key components of the impairments and unusual items are outlined on slide 7 of our investor presentation and i'll talk briefly to the key -- to each of the 5 categories in the table


posting a revenue improvement over the second quarter of 11.2%. As you have heard, the future of Fred's Pharmacy is centered squarely on healthcare and is driven by our retail and specialty pharmacies.

posting a revenue improvement over the second quarter of 11 2% as you have heard the future of fred's pharmacy is centered squarely on healthcare and is driven by our retail and specialty pharmacies


Common alloy aluminum conversion pricing has remained fairly stable as did our volume levels in 2016. Most of our common alloy aluminum products are sold to sheet metal fabricators that support a variety of end markets.

common alloy aluminum conversion pricing has remained fairly stable as did our volume levels in 2016 most of our common alloy aluminum products are sold to sheet metal fabricators that support a variety of end markets


very strong eCom growth. And so it's a year that we were in most cases very happy with. We try to the best of our capability to be very transparent to you and tell you what we think goes well and not well and we hope that it allows you to make a better decision. But I would also

very strong ecom growth so it's a year that we were in most cases very happy with we try to the best of our capability to be very transparent to you and tell you what we think goes well and not well we hope that allows you to make a better decision but i hope also


however, this segment was unfavorably impacted by the severe weather in early January and the series of nor'easters in March, which contributed to a decline in the regional segments financial results compared to last year.

however this segment was unfavorably impacted by the severe weather in early january and the series of nor'easters in march which contributed to a decline in the regional segment's financial results compared to last year


These range improvements were a key driver of our seasonal performance with Christmas cards, wrap, gifting, seasonal WIGIGs, diaries, calendars and decorations all delivering a strong performance over the Christmas period.

these range improvements were a key driver of our seasonal performance with christmas cards wrap gifting seasonal wigs diaries calendars and decorations all delivering a strong performance over the christmas period


We've seen other signs that there is some softness in some other areas of the core market in Europe, where it's very difficult for us to really have good guidance, and how much of that is absolutely the market versus absolutely our integration activities. But

we've seen other signs that there is some softness in some other areas of the core market in europe where it's very difficult for us to really have good guidance on how much of that is absolutely the market versus absolutely our integration activities but


As has been our norm, I'd like to begin with an overview of our financial results for the quarter and then discuss markets and strategy. Then I'll turn the call over to Vikram Jog, our CFO, for a more detailed financial review before offering closing remarks and taking questions.

as has been our norm i'd like to begin with an overview of our financial results for the quarter and then discuss markets and strategy then i'll turn the call over to vikram jog our cfo for a more detailed financial review before offering closing remarks and taking questions


at appliedmaterials.com. And now I'd like to turn the call over to Gary Dickerson. Thanks, Mike. I'm pleased to report that our revenue for the quarter was up 19% compared to the same period last year and the second highest in the company's history.

at appliedmaterials com and now i'd like to turn the call over to gary dickerson thanks mike i'm pleased to report that our revenue for the quarter was up 19% compared to the same period last year and the second highest in the company's history


growing ahead of the market, that I think there's no doubt about it. We're also coming from a position which I think is important to understand where we have -- we are not distributed in the area that we really needed to. The evolution of the omnichannel and digital is helping our growth rate,

growing ahead of the market that i think there's no doubt about we're also coming from a position which i think it's important to understand where we had -- we were not distributed in the area that we really needed to the evolution of the omni-channel and digital is helping our growth rate


which was paid on October 3. This quarter's dividend increase follows the 16.7% increase announced in February and is the third dividend increase since we completed the Lorillard acquisition last June.

which was paid on october 3 this quarter's dividend increase follows the 16 7% increase announced in february and is the third dividend increase since we completed the lourillard acquisition last june


Let's begin with the quarter. We're now about halfway through executing the financial strategy we announced 18 months ago. As this quarter's results show, we're making solid progress on key aspects of our plan, and we're on track to meet our goals for the year.

let's begin with the quarter we're now about halfway through executing the financial strategy we announced 18 months ago as this quarter's results show we're making solid progress on key aspects of our plan and we're on track to meet our goals for the year


We believe a large part of what drives retailer performance in these community shopping centers is their increasing differentiation from super regional malls, which are increasingly driven by leisure and entertainment or day-out type shopping.

we believe a large part of what drives retailer performance in these community shopping centers is their increasing differentiation from super regional malls which are increasingly driven by leisure and entertainment or day out type shopping


so it's paperless. But it's actually planning the route. So if you called in right now, and we needed to get out to see you today, we could actually drop that in to the route for the day, so we could get out to you very, very quickly.

so it's paperless but it's actually planning the route so if you called in right now and we needed to get out to see you today we could actually drop that in to the route for the day so we could get out to you very very quickly


We are excited to have Gates entering its next phase as a public company, and we believe we are well positioned to achieve our growth objectives while remaining focused on creating value for our shareholders.

we are excited to have gateventures in its next phase as a public company and we believe we are well positioned to achieve our growth objectives while remaining focused on creating value for our shareholders


some of the challenges they have there and some of the solutions that we provide. So it's not a commentary at all on '16. But like everybody else, we can look at the coal generation numbers in the first quarter of 2016 and they were down.

and some of the challenges they have there and some of the solutions that we provide so it's not a commentary at all on '16 but like everybody else we can look at the coal generation numbers in the first quarter of 2016 and they were down


customers love to come in and just like go and have fun in. And George is putting processes in place and consistency. But at the end of the day, it's about making the store experience great. And I'm really pleased with the progress our operating team's made, and

customers love to come in and just let go and have fun in and george is putting processes in place and consistency but at the end of the day it's about making the store experience great and i'm really pleased with the progress our operating teams made and


So believe me, we will make the right decisions. But at this point, it's our belief that we can do a better job running the system. And as you see more innovation, more retail disruption, we cannot afford friction with the distribution system.

so believe me we will make the right decisions but at this point it's our belief that we can do a better job running the system and as you see more innovation more retail disruption we cannot afford friction with the distribution system


In addition, the potentially small compression of loan yields caused by floor rates on a portion of our portfolio is now behind us as we have pierced through the floor on 98% of the loans with floors.

in addition the potentially small compression of loan yields caused by floor rates on a portion of our portfolio is now behind us as we have pierced through the floor on 98% of the loans with floors


There's also been speculation within the investment community that the HAAS contract was under review for cancellation or significant changes. I want to dispel that myth today. We maintain a collaborative working relationship with our client.

there's also been speculation within the investment community that the haas contract was under review for cancellation or significant changes i want to dispel that myth today we maintain a collaborative working relationship with our client


First and foremost, that is a great segment of the market that's going to grow double digit for the foreseeable future, and is going to have legs for a long time to come. And so we like our position in that market. We like our -- we're positioned with customers in that market.

first and foremost that is a great segment of the market that's going to grow double-digit for the foreseeable future and is going to have legs for a long time to come and so we like our position in that market we like our -- we're positioned with customers in that market


representing an effective tax rate of almost 49%. Our GAAP tax rate for each of the upcoming quarters is difficult to predict and could be volatile as the rate will be dependent on several factors, including the operating results of our U.S. and foreign locations,

representing an effective tax rate of almost 49% our gaap tax rate for each of the upcoming quarters is difficult to predict and could be volatile as the rate will be dependent on several factors including the operating results of our u s and foreign locations


The programs has so far generated more than 1,300 ideas and initiatives with individual initiatives benefits ranging from thousands of dollars to multimillions over fiscal year '17 and beyond.

the programs have so far generated more than 1 300 ideas and initiatives with individual initiatives benefits ranging from thousands of dollars to multimillions over fiscal year '17 and beyond


we haven't had any discussions specific about that. But that question has come up from people. I got to tell you, for all the hard work that we've done, I just don't see how that makes sense right now when we're so far down the path.

we haven't had any discussions specific about that but that question has come up from people i got to tell you for all the hard work that we've done i just don't see how that makes sense right now when we're so far down the path


I won't give you any more details than that since the customer is still analyzing the bidders. And there's another one we will be bidding in about a month, which is equally as big.

i won't give you any more details than that since the customer is still analyzing the bidders and there's another one we will be bidding in about a month which is equally as big


to our capital by virtue of a higher tax rate. And therefore, while we did all of our analysis, assuming that there's not going to be any changes in metrics, you would have to consider that, that benefit to the strengthening of, effectively, our after-tax reserves is something that would be considered into what would ultimately be deemed

to our capital by virtue of a higher tax rate and therefore while we did all of our analysis assuming that there's not going to be any changes in metrics you would have to consider that that benefit to the strengthening of effectively or after-tax reserves is something that would be considered into what would ultimately be deemed


So I -- it's a little bit hard for me to commit to that, although I think there is one customer that is desirous to press release with us on what they're doing at 300-millimeter. But for the most part, I think it's just to track the revenue and listen to the calls, watch the numbers.

so it's a little bit hard for me to commit to that although i think there's one customer that is desirous to press release with us on what they're doing at 300 millimeter but for the most part i think it's just to track the revenue and listen to the calls watch the numbers


For the full year 2017, the highlight to me was the great revenue balance across end markets, geographies and product lines, resulting in consistent sales performance and double-digit earnings per share growth in each quarter of the year.

for the full year 2017 the highlight to me was the great revenue balance across end markets geographies and product lines resulting in consistent sales performance and double-digit earnings per share growth in each quarter of the year


The judges said it best. It would not be an overstatement to say that the pressure for reform from USA TODAY's reporting has significantly reduced the possibility of a public health crisis.

the judges said it best it would not be an overstatement to say that the pressure for reform from usa today's reporting has significantly reduced the possibility of a public health crisis


One other thing I would add is we're not seeing the adoption of scrubbers at the pace that we anticipated a few months ago. I think it's been much

one other thing i would add is we're not seeing the adoption of scrubbers at the pace that we anticipated a few months ago i think it's been much lower


Without control, you cannot safely harness the benefit of IL-12. Indeed, we can directly see from our clinical data that the tumor tries to defend itself from this invading army of T cells with an upregulation of checkpoint.

without control you cannot safely harness the benefit of il-12 indeed we can directly see from our clinical data that the tumor tries to defend itself from this invading army of t cells with an upregulation of checkpoints


And these markets are not always that easy to work in. So that means market-by-market, we need a little bit different strategy, but I come to that later. So

and these markets are not always that easy to work in so that means market by market we need a little bit a different strategy but i come to that later so


The fourth quarter was one of sustained momentum for Redwood across our business lines, despite the market-wide volatility we saw towards the year-end. We took advantage of attractive prices, adding several line items to the portfolio at compelling levels.

the fourth quarter was one of sustained momentum for redwood across our business lines despite the market-wide volatility we saw towards year-end we took advantage of attractive prices adding several line items to the portfolio at compelling levels


While line extensions and close-in innovations such as these will play a role in our path to growth, we will also launch new platforms that extend the strength of our iconic brands to meet consumer needs.

while line extensions and close-end innovations such as these will play a role in our path to growth we will also launch new platforms that extend the strength of our iconic brands to meet consumer needs


we are optimizing our marketing efforts of the life sciences products within these businesses by now leveraging the international brand strength of the Extract name for all life science sales and marketing efforts across the globe on a go-forward basis.

we are optimizing our marketing efforts of the life sciences products within these businesses by now leveraging the international brand strength of the xtrac name for all life science sales and marketing efforts across the globe on a go-forward basis


which is good for Finning. I mean, we're a second derivative beneficiary of that type of activity. And then you know that the liberals with the new federal government are pretty committed to infrastructure spend. We just haven't had a lot of details on where they're going to spend it. So

which is good for finning i mean we're a second derivative beneficiary of that type of activity and then you know that the liberals with the new federal government are pretty committed to infrastructure spend we just haven't had a lot of details on where they're going to spend it so


Candidates on both sides of the presidential contest this year spent far less than their 2012 predecessors. In addition, neither political party spent any significant money supporting their nominee with advertising, and many of the super PACs skipped the race entirely.

candidates on both sides of the presidential contest this year spent far less than their 2012 predecessors in addition neither political party spent any significant money supporting their nominee with advertising and many of the superpacs skipped the race entirely


to mitigate oil production and in fact, increase production out of our remaining oilfields. They are attractive investment opportunities at this oil price and we've taken our time to really mature those prospects to where we're now very comfortable in growing them.

to mitigate oil production and in fact increase production out of our remaining oil fields they are attractive investment opportunities at this oil price and we've taken our time to really mature those prospects to where we're now very comfortable in drilling them


And unfortunately, the competition figured this out and it's been stealing share, so we've got work to do. And then the third one that we pointed to was Wish-Bone. Now this is a big category. It's also a great brand. But frankly, it has not benefited from enough disruptive innovation.

and unfortunately the competition figured this out and has been stealing share so we've got work to do and then the third one that we pointed to was wishbone now this is a big category it's also a great brand but frankly it has not benefited from enough disruptive innovation


This is a good example of the type of work that our origination team is doing to meet the needs of these customers. They're trying to customize products that work specific to their needs around energy management. We are well positioned to

this is a good example of the type of work that our origination team is doing to meet the needs of these customers they're trying to customize products that work specific to their needs around energy management we are well positioned to continue


But I think what gives it us is that there's opportunities that we see in there where through the -- perhaps the ROFO that we had as part of the midstream transaction, and some other activities that other parts of the organization are undertaking

but i think what it gives us is that there's opportunities that we see in there where through perhaps the rofo that we had that was part of the midstream transaction and some other activities that other parts of the organization are undertaking


the market would give us funding at a price that's not significantly higher than what we have in our plans. So we will be opportunistic and wait for the spreads in the market to

the market would give us funding at a price that's not significantly higher than what we have in our plan so we will be opportunistic and wait for the spreads in the market to


we are unable at this time to provide specific estimates as to the pace and impact of these improvements during fiscal 2020. Second, as many are aware, on February 25, our fifth-largest customer filed a voluntary petition for reorganization.

we are enabled at this time to provide specific estimates as to the pace and impact of these improvements during fiscal 2020 second as many are aware on february 25 our fifth largest customer filed a voluntary petition for reorganization


These result were achieved under market condition that have yet to show significant sign of improvement, not mentioning the challenge of working is a low selling price environment in our industry.

these results were achieved under market conditions that have yet to show significant sign of improvement not mentioning the challenging -- the challenge of working is a low selling price environment in our industry


The investments in Capital Contractors, Garden Fresh and Gerli were already valued at 0 as of December 31 of last year and therefore the realized losses did not affect our net asset value during the quarter.

the investments in capital contractors garden fresh and jerley were already valued at 0 as of december 31 of last year and therefore the realized losses did not affect our net asset value during the quarter


So various pieces of data acquisition is what we are trying to do. We're working hard to do so and we're trying to look at a variety of options. Ozawa-san, do you have anything to say? Are you talking about POS data for example?

so various pieces of data acquisition is what we are trying to do we're working hard to do so and we're trying to look at a variety of options azazan do you have anything to say are you talking about pos data for example


from an ongoing EBIT standpoint it is not really going to have an impact. As far as further reducing costs on that business, all those costs are really contained in Irapuato, and there was very little cost here dealing with that particular issue. So I don't think we're going to see anything

from an ongoing ebit standpoint it's not really going to have an impact as far as further reducing costs in that business all those costs were really contained in nero plata and there was very little cost here to deal -- dealing with that particular issue so i don't think we're going to see anything


And so I guess my question here is do you expect a significant improvement in terms of your cash collections when this second company comes on board and becomes

and so i guess my question here is do you expect a significant improvement in terms of your cash collections when this second company comes on board and becomes


generally, you're going to have deleverage, and you're going to have excess labor, maybe excess food, although we don't usually -- we have multiple deliveries a week, and so we don't usually have a problem unless we are closed because of a snowstorm for multiple days. But there's no question about it. When we have predictability

generally you're going to have deleverage and you're going to have excess labor maybe excess food although we don't usually -- we have multiple deliveries a week and so we don't usually have a problem unless we are closed because there's no storm for multiple days but there's no question about it we have predictability


at that point because it's too early in the year? Or should -- is it very realistic that we could actually see loan growth exceeding 2017 levels given where we are in the economy and maybe some tailwinds from the tax reform?

at that point because it's too early in the year or should -- is it very realistic that we could actually see loan growth exceeding 2017 levels given where we are in the economy and maybe some tailwind from the tax reform


So a good portion of it is more of the kind of stainless flat rolled where we have followed the market trends more from a pricing standpoint. But then we've also got a lot of stainless long products in there, a lot that goes into energy.

so a good portion of it is more of the kind of stainless flat rolled where we have followed the market trends more from a pricing standpoint but then we've also got a lot of stainless long products in there a lot that goes into energy


Revenue and volume growth were excellent. Separate and distinct comparisons of the old NeoGenomics and the old Clarient will become less appropriate for us in the future as we integrate customers and lab systems,

revenue and volume growth were excellent separate industry distinct comparisons of the old neogenomics and the old clarient will become less appropriate for us in the future as we integrate customers and lab systems


Well, they're going to -- it's going to largely vary. We're training the competitive surgeons because as we put a robot in, they need to get trained on it. And what you're also seeing reflected in our new numbers, Bob, is as they get a new robot, one of the first steps, if they are a competitive account

well they're going to -- it's going to largely mirror we're training the competitive surgeons because as we put a robot in they need to get trained on it and what you're also seeing reflected in our new numbers bob is as they get a new robot one of the first steps if they are a competitive account


in that leading association, who were really excited because they see this combination as very, very powerful for them. So when a customer gets excited about the combination of competencies, that's always a good indicator that we're going to have commercial success.

in that leading association who are really excited because they see this combination as very very powerful for them so when a customer gets excited about the combination of competencies that's always a good indicator that we're going to have commercial success